The current 4-month long downtrend is a correction to long-term support channels from late 2013 and from 2012. These channels begin to intersect the current established trends as follows:
3 weeks: current resistance meets 2013 upper support lines
4.7 weeks: current resistance meets 2013 lower support lines
10 weeks: current trend mid-line meets 2012 support channel midline
Each of these work more like deadlines - the upward movement can happen at any time before a deadline, but after each has been passed the fundamental situation has been changed.
3 weeks: current resistance meets 2013 upper support lines
4.7 weeks: current resistance meets 2013 lower support lines
10 weeks: current trend mid-line meets 2012 support channel midline
Each of these work more like deadlines - the upward movement can happen at any time before a deadline, but after each has been passed the fundamental situation has been changed.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.